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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures are 6 to 13 cents higher at midsession, with soybean meal up $5.50 or more. Private exporters reported to the USDA this morning a sale of 390,000 MT of soybeans booked for delivery to Unknown destinations during the 2015/16 crop year.USDA showed that 2% of the US soybean crop had been planted as of Sunday night.Brazilian truckers are still trying to stop the flow of soybeans to the ports, but authorities have reportedly been persistent in removing road blocks.The number of stoppages is well below that seen during the earlier strike. Meanwhile the Argentina soybean harvest is expected to make rapid progress this week.
May 15 Soybeans are at $9.86 1/4, up 13 1/4 cents,
Jul 15 Soybeans are at $9.86 1/2, up 13 1/2 cents,
Aug 15 Soybeans are at $9.80 1/4, up 11 3/4 cents,